MINUTES OF SPECIAL MEETING OF BOARD OF COUNTY COMMISSIONERS
monday – december 22, 1969
The Board of County Commissioners of Lake County, Florida was held in the Commissioners’ Room in the Courthouse, Tavares, Florida, on Monday December 22, 1969, at 9:00 o’clock A.M. for the purpose of discussing and determining the investment of surplus county monies not required to meet current expenditures, and any other business brought before the Board.
The meeting was called to order by the Chairman Windram with the following members present: Commr. Thomas J. Windram, Chairman; Commissioners James R. Carson, Jr., Alex J. Macdonell, James M. Hoskinson, and Kenneth VanAuken. Others present were County Attorney C. E. Duncan, Clerk of the Circuit Court Frank E. Owens and Deputy Clerk Norma H. Coven.
The invocation was delivered by Mr. Carson after which the Pledge of Allegiance to the Flag was given by all present.
Mr. Owens distributed copies of the balances on deposit in the various funds as of December 10, 1969, representing 70% of the taxes collected on the 1968 tax roll. Also, copies of the budget statement showing expenditures through November. Mr. Owens informed the Board he has received commitments from all but two banks in the county relative to the rate of interest which will be allowed on future time deposits.
Mr. Carson explained the maximum rates permitted for deposits of $100,000 or more are as follows:
30-59 days 5 1/2%
60-89 days 5 3/4%
90-179 days 6%
180 days or more 6 1/4%
On deposits of less than $100,000 the rate will be 5% for 30 days or longer.
Mr. Owens and Mr. Carson made the following recommendations:
1. Transfer $100,000 from the Demand Account, First State Bank & Trust Co., to Time Deposit at 5 1/2% for 30 days or more; and another $100,000 to Time Deposit at 6% for 90-179 days; and transfer $8,000 to the First National Bank of Mount Dora and $17,000 to the First National Bank & Trust Co., Eustis.
2. Transfer $100,000 from the Demand Account, First National Bank of Mount Dora to Time Deposit at 6% for 5 months. Renew $44,500 on Time Deposit, which is due 1/12/70, at 5% for 30 days.
3. Transfer $100,000 from Demand Account, First National Bank & Trust Co. of Eustis to Time Deposit at 6 1/4% for 6 months.
4. Transfer $25,000 from Demand Account, First National Bank of Mount Dora, Auto Inspection Fund, to Time Deposit at 5% for six months.
5. Transfer $100,000 from Demand Account, Citizens Bank of Clermont, Fine and Forfeiture Fund, to Time Deposit at 6% for 3 months; and $60,000 at 5% for 30 days.
6. Transfer $100,000 from Demand Account, Peoples State Bank of Groveland, Fine and Forfeiture Fund, to Time Deposit at 6 1/4% for 6 months.
7. Renew Time Deposit of $100,000 in First National Bank of Leesburg, Road and Bridge Fund, due 12/30/1969 for 4 months at 6%.
8. Combine and renew Time Deposits of $45,000 and $55,000 in the Citizens National bank of Leesburg, Road and Bridge Fund, for 3 months at 6%.
9. Renew Time Deposits in the Bank of Mount Dora, Road and Bridge fund, totaling $61,000 when due.
10. Transfer $116,200 from Demand Account, Umatilla State Bank, bond Interest and Sinking Fund, to Time Deposit at 6 1/4% for 9 months.
Mr. Carson further explained there is in addition to the amounts shown on the schedule better than $14,000 on Time Deposit at 4%, which money is from a suit to recover money due the county. When collected the funds will be transferred to the General Revenue Fund.
Also, there is $5,537.17 on Time Deposit at 3 1/2%, which is held for the construction of an Armory in the City of Clermont. Clerk Owens advised this money has to be kept in a separate account because the City of Clermont can ask for it at any time.
Also, there are two Time Deposits of $8,000 each at 4 1/2% set aside for improvements to the Lake Memorial Nursing Home. The Clerk advised these deposits will be renewed at 5% when matured.
Mr. Carson recited the following interest rates on Government Bills as of December 18, 1969, stating that these rates are subject to change daily:
6.35% for 29 days
6.70% for 36 days
6.75% for 45 days
7.40% for 64 days
7.65% for 71 days
7.82% for 85 days
7.75% for 92 days
Commr. Macdonell moved that the Clerk be authorized to proceed with placing the money on Time Deposit in county banks as outlined above and that the Board will review the schedule every ninety days. The motion was seconded by Commr. VanAuken and carried. Mr. Carson abstained, and Mr. Hoskinson voted against the motion. Chairman Windram voted in favor of the motion.
Mr. Carson asked if the funds on deposit to the Capital Outlay Reserve Account can be used to make the old Health Department Building a usable storage space. Attorney Duncan advised the money can be used for this purpose.
The Clerk was instructed to request a written statement form the banks of the interest allowed on funds recalled before maturity date.
Clerk Owens submitted letter received from the South Lake Memorial Hospital, Inc. advising that a bill was passed in the 1969 Legislature requiring the Tax Collector to pay and remit direct to the Hospital all tax monies collected for the Hospital and Ambulance Service. Mr. Owens further advised that all funds collected for the Hospital District this fiscal year have been deposited to the credit of the Board. This matter was referred to the County Attorney, who stated we will need a certified copy of the bill from the Secretary of State before any decision can be reached.
Roads – state
Chairman Windram reported he has talked with Mr. Brown relative to the construction of State Road 19 and he advised the engineering work is completed and other Order of Taking has been affected and the project is in excellent condition provided funds will be made available for the construction. Otherwise, it will remain in the same position on the schedule. The Clerk was instructed to notify the City of Umatilla that the project is still in the road program but the time for letting a contract has not yet been determined by the Department of Transportation.
Chairman Windram presented a letter from the Department of Transportation advising that the completed plans for the Bates Avenue project are scheduled for letting in the early part of 1970. The Clerk was requested to forward this information to the City of Eustis.
Letter from the County Judge requesting Board approval of the employment of Mr. and Mrs. John Boyd as Assistant Matron and Superintendent, Mr. Owens was instructed to ask Mr. and Mrs. Boyd to appear before the Board at 1:30 o’clock P.M. on January 5, 1970.
There being no further business to bring before the Board, the meeting adjourned at twelve o’clock noon.